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It’s been incredibly difficult for both professional and personal reasons—and if I hadn’t met my wife Aja in late 2017, this would have all been a pretty dismal time, to be honest. That’s not to mention that they’re doing it with dollars that are incentivized to come their way because of favorable tax treatment and loopholes.
increased 5%, reflecting a higher tax rate compared to a year ago. Our as-adjusted tax rate for the third quarter was 26%. The prior-year quarter included $215 million of discrete tax benefits, while the third quarter of 2024 was impacted by $22 million of discrete expense. Earnings per share of $11.46
Since 2017, the syndicate has deployed $8.4m If I am doing my job right the first time in “picking winners”, at least for a few subsequent rounds, our best dealflow should come from our existing portfolio. It is what drives our dealflow, information advantage, ability to support our network, and more.
The tax-efficient net unrealized gain on our equity portfolio now stands at $5.4 Our effective tax rate for the first half of 2023 was 21%, compared to 22% in the same period last year. billion for the year, up 7% from last year, while generating pre-tax operating income, $325 million. billion, compared to $4.2 casualty book.
I worked with lawyers and an accountant, opened a bank account, got everyone to sign documents, collected money, and closed my first SPV on December 12, 2017. Overseeing all the paperwork, legal, tax, and accounting docs required to make each investment and manage each SPV on an ongoing basis was time-consuming and onerous.
A 2017 World Bank report, citing benchmarking analysis, found that Canadian public pension funds had net returns that substantially outperformed those of comparable global funds over the preceding decade. But the Maple Eight are becoming victims of their own success. Governments should use fiscal policy to encourage economic growth.
As we look forward, dealflow is significant. In 2017 -- or '18, I think it was, we acquired Prosper. On the mortgage company side, total pre-tax income for the -- in the quarter. That includes the great financial crisis, that includes the period of COVID, and we go back to the late 80s and early 90s, some of us.
So, so you drop outta Harvard, is that 2017? Eva Shang : We drop out of Harvard in 2016 and it takes us a full year to raise our first $10 million fund in 2017. We’ve done over 400 deals. I mean, so we raised our first fund in 2017. So you have 400 investments done since 2017. They must have been bereft.
As we begin 2025, seven years after our IPO in 2018, I want to highlight 2024 and reflect on how far our balance sheet has come since, well, going way back to our preemergence in the summer of 2017 when VICI had total leverage of roughly 10.5 After we emerged in October of 2017, we got to work on fixing our balance sheet.
But as we look at 2025 and given what we're working on, we remain confident that we are going to be bringing to the table both gaming and nongaming deals, big and small. But I think to your implicit point, John, at a time like this, you really want to understand that given operators' ability to compete profitably for market share. John Payne?
Our as-adjusted tax rate for the fourth quarter was approximately 24%, driven, in part, by discrete items. We currently estimate that 25% is a reasonable projected tax run rate for 2024, though the actual effective tax rate may differ because of nonrecurring or discrete items or potential changes in tax legislation.
Due to increased dealflow and revenues, we grew diluted earnings per share 33% year over year to $0.85 W&D affordable housing is an important growth area as Fannie, Freddie, and HUD focus on affordable lending and the need for low-income housing tax credits expands. We closed $11.6 Jade Rahmani -- Analyst Thanks.
There's also a variable around the sort of the level of dealflow a year ago and the benefit that comes from buying those funds at a discount to the fund returns in the short term. But long term, overall, it is an outstanding track record. And so I think we will see more competitors move into the space.
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